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Question 14 Chapter 4 of +2-Part-1
14. (Different Cases) A and B are partners in 2:1 ratio. They had Rs.10,000 in deferred advertisement account and Rs.11,000 in (Dr.) profit and loss account. Show the adjustment under the following cases when their new ratio is agreed to eb 3:2.
(a) When relevant aaccounts are closed:
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| A’s Capital A/c (21,000*2/3) | Dr. | 14,000 | |||
| B’s Capital A/c (21,000*1/3) | Dr. | 7,000 | |||
| To Deferred advertisement a/c | 10,000 | ||||
| To Profit & Loss a/c | 11,000 | ||||
| (Being deferred advertisement account and profit & loss a/c distributed in 2:1 ratio) | |||||
(b) When relevant accounts are not closed:
Old Ratio = 2 : 1
New Ratio = 3 : 2
Calculate the Sacrificing or Gaining Ratio of Partners
Sacrificing or Gaining Ratio = Old ratio - New ratio
| A’s Share Sacrificing/Gaining | = | 2 | - | 3 |
| 3 | 5 |
| = | 10 - 9 |
| 15 |
| = | 1 | (Sacrificing) |
| 15 |
| B’s Share Sacrificing/Gaining | = | 3 | - | 2 |
| 3 | 5 |
| = | 5 - 6 |
| 15 |
| = | -1 | (Gain) |
| 15 |
Calculation of amount to be debited and credited :
=(10,000= Rs.1,400
+11,000)*1/5
Journal
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| A’s Capital A/c | Dr. | 1,400 | |||
| To B’s Capital A/c | 1,400 | ||||
| (Being adjustment entry passed) | |||||
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Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
This guide covers "Question 14 Chapter 4 of +2 Part-1 - USHA Publication 12 Class Part - 1", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +2 Part 1.
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26 October 2024
